fy2005 q3 financial results
TRANSCRIPT
FY2005 Q3 Financial ResultsFY2005 Q3 Financial ResultsThree months ended December 31, 2004Three months ended December 31, 2004
-- prepared in accordance with U.S. GAAP prepared in accordance with U.S. GAAP --
Toyota Motor Corporation Toyota Motor Corporation February 3, 2005February 3, 2005
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Cautionary Statement with Respect to Forward-Looking StatementsThis report contains forward-looking statements that reflect Toyota’s plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include:(i) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates;(ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the Euro, the Australian dollar and the British pound;(iii) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;(iv) changes in the laws, regulations and government policies in the market in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and policies relating to trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of future litigation and other legal proceedings;(v) political instability in the markets in which Toyota operates;(vi) Toyota’s ability to timely develop and achieve market acceptance of new products; and(vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold.A discussion of these and other factors which may affect Toyota’s actual results,
performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
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Caution concerning Insider TradingUnder Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc., of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet(Timely Disclosure Network) information service and ED-NET (Electronic Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
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Takashi HataTakashi Hata
Managing Officer Managing Officer
FY2005 Q3 FY2005 Q3 ((’’04/1004/10--12)12)
FY2004 Q3FY2004 Q3((’’03/1003/10--12)12) ChangesChanges
(billions of yen) (billions of yen) (billions of yen) % (*)
Net revenues 4,644.0 4,386.0 258.0 5.9Operating income 422.9 401.6 21.3 5.3
Income before taxes, minority interest and equity in earnings of affiliated companies
447.1 429.7 17.4 4.1
Net income 296.5 286.4 10.1 3.5
Forex rate 106 yen/1$ 109 yen/1$ -3 yen/1$
137 yen/1Euro 130 yen/1Euro +7 yen/1Euro
Consolidated Financial Summary:
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(*): percentage changes year-on-year
Increase in Net Revenues and All Profits
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Increase in All RegionsConsolidated Vehicle Sales:
554 573
561 576
218 249
367441
0
500
1,000
1,500
2,000
'03/10-12 '04/10-12Japan N. America Europe Other
(+74)
(+31)
(+15)
(+19)
[ 1,663 ]1,700
[ 1,884 ]1,839 (+139)
(thousands of units)
Figures in brackets show total retail unit sales of Toyota/Lexus, Daihatsu, and Hino vehicles.
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Contributing Factors to Operating Income: +21.3 billion yen
200.0
250.0
300.0
350.0
400.0
450.0
'03/10-12 '04/10-12
422.9(+21.3)
(billions of yen)
401.6
OperationalEfforts (volume,
mix, etc.)+30.0Cost Reduction
Efforts+40.0
UnfavorableForex Rate
-10.0Increases in
Expenses, etc. -38.7
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573554668
538568
'03/10-12 '04/1-3 '04/4-6 '04/7-9 '04/10-12
Consolidated Vehicle Sales(’04/10-12) : Japan
(thousands of units)
I s i s M a r k X
+19 thousand units +3.5% (year-on-year)
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Geographic Operating Income: JapanProfit Increase by Marketing and Cost Reduction Efforts
(billions of yen)
226.1 237.3
0.0
50.0
100.0
150.0
200.0
250.0
300.0
'03/10-12 '04/10-12
+11.2(+5.0%)
10
554
572
537
576561
'03/10-12 '04/1-3 '04/4-6 '04/7-9 '04/10-12
CamryCamryCY04 U.S. No.1
Passenger Vehicle
Scion Scion tCtCAcquiring Young and
New Customers
RX330RX330First LEXUS Model Selling
over 100 Thousand Units(per year)
Consolidated vehicle sales (’04/10-12) : North America
(thousands of units)+15 thousand units +2.6% (year-on-year)
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Geographic Operating Income: North America
128.2 127.8
0.0
50.0
100.0
150.0
200.0
'03/10-12 '04/10-12
(billions of yen)
Maintained Profits Despite Severe Competition
-0.4(-0.3%)
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239247
229
249
218
'03/10-12 '04/1-3 '04/4-6 '04/7-9 '04/10-12
PriusPriusAwarded 2005 European
Car of the Year
YARISYARISRecord Sales for the 6th Consecutive Year
Consolidated vehicle sales (’04/10-12) : Europe
(thousands of units)+31 thousand units +14.3% (year-on-year)
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24.726.5
0.0
10.0
20.0
30.0
40.0
'03/10-12 '04/10-12
(billions of yen)
Marketing Efforts and Expansion of Local Production Led to Profit Growth
+1.8(+7.7%)
Geographic Operating Income: Europe
14
425434
405
441
367
'03/10-12 '04/1-3 '04/4-6 '04/7-9 '04/10-12
F O R T U N E R
IMV Series
H i l u x V I G O
IMV Series
Consolidated vehicle sales (’04/10-12) : Other
(thousands of units)+74 thousand units +20.2% (year-on-year)
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Geographic Operating Income: Other
24.3
33.5
0.0
10.0
20.0
30.0
40.0
50.0
'03/10-12 '04/10-12
(billions of yen)
Profit Increase Mainly in Asia Due to IMV
+9.2(+37.5%)
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Business Segments: Financial Services
52.358.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
'03/10-12 '04/10-12
(billions of yen)
+6.4(+12.3%)
Significant Profit Growth due to Increase in Balance of Captive Finance, etc.
Evaluation gain from interest swap agreement with our U.S. finance subsidiary, etc.
(03/12 9.1 billion yen 04/12 11.7 billion yen) +2.6 billion yen
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Quarterly Changes of Operating Income:
401.6
497.5
422.9417.6448.6
0.0
100.0
200.0
300.0
400.0
500.0
600.0
'03/10-12 '04/1-3 '04/4-6 '04/7-9 '04/10-12
(billions of yen)
Maintaining a High Level while Implementing Projects for Future Growth
DAIKO-HENJO profit (billions of yen) ’04/1-3 : 107.0 ’04/4-6 : 6.7 ’04/7-9 : 2.4 ’04/10-12 : 28.5
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Mid-term sales plan(Toyota + Daihatsu + Hino) :
8.0
6.0
4.0
2.0
0
(Millions of Units)Around 8.5 MillionAround 8.5 Million
8.5 Million Units in CY06
CY03 CY04 CY05 CY06
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FY2005 Consolidated Prospects: Vehicle Unit Sales
2,350 2,370
2,250
970
1,700
2,303
2,2202,103
980898
1,6701,415
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Japan N. America Europe Other
6,7197,290
(+285)
(+72)
(+147)
(+67)
7,220
Figures in parentheses show year-on-year changes
(thousands of units) (+571)
Upward Revision to an Increase of 571 Thousand Units on the Previous Fiscal Year
FY2004 FY2005 Prospects(as released in ’04/11)
FY2005 Prospects(Current)
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FY2005 Prospects FY2005 Prospects ((’’04/404/4--’’05/3)05/3)
Toyota’s Operations Prospects (excluding Daihatsu and Hino)
FY2004 FY2004 ((’’03/403/4--’’04/3)04/3)
thousands of units thousands of units
Automotive Japan 3,760 3,558Production Overseas 3,130 2,739Sales (Japan) 1,810 1,765
Exports 1,990 1,860
Units units
Sales (Overseas) 5,050 4,541
Housing Sales 4,300 4,038
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FY2005 Q3 Financial ResultsFY2005 Q3 Financial ResultsThree months ended December 31, 2004Three months ended December 31, 2004
-- prepared in accordance with U.S. GAAP prepared in accordance with U.S. GAAP --
Toyota Motor Corporation Toyota Motor Corporation February 3, 2005February 3, 2005